As agreed with the Ministry of Industry and Energy of Russia the Gazprom Headquarters has hosted today a presentation for Korean delegation on the Development Program of the integrated gas production, transportation and supply system in Eastern Siberia and the Far East with due regard of potential gas exports to China and other Asia-Pacific countries. Special attention was paid to issues related to natural gas supplies from Russia to the Republic of Korea.

The Korean delegation including the representatives of the Ministry of Trade, Industry and Energy of the Republic of Korea, Kogas and other Korean leading energy companies is in Moscow in the aim of participating in the 8th session of the Russian and Korean Committee of Energy and Natural Resources as well as in the 8th session of the Russian and Korean Committee of Economic and Sci-tech Cooperation.

The parties achieved an accord to organize a presentation for Korean side in September 2007 within the working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Lee Soo Ho, President & Chief Executive Officer of KOGAS Korea Gas Corporation.

Reference:

On October 17, 2006 in Seoul the Russian Federation Government and Korean Government signed an Agreement of cooperation in the sector of gas industry.  Pursuant to the Agreement Gazprom and Kogas were identified as authorized companies to organize gas deliveries from Russia to the Republic of Korea. Currently, Gazprom and Kogas are in the relevant commercial talks. 

In October 2006, Gazprom Marketing & Trading Ltd. (GMT) (subsidiary of the Gazprom Group) firstly supplied LNG to Korea. 145 thousand cu m of LNG was supplied to the Pyeongtaek regasification terminal, which is owned by Kogas. The second LNG train was supplied in January 2007. 147 thousand cu m of LNG was supplied to Incheon regasification terminal.

On September 3, 2007, the Ministry of Industry and Energy of the Russian Federation ordered to approve the Development Program of the integrated gas production, transportation and supply system in Eastern Siberia and the Far East with due regard of potential gas exports to China and other Asia-Pacific countries (Eastern Program). Gazprom was pointed as a coordinator of the Russian Federation Government aimed at executing the Program.

A basic principle of the Program is to primarily satisfy gas needs of Russian consumers, develop deep processing and gas chemical production in the territory of Russia.